Inflation is ruining many Americans' efforts to save money for retirement
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A quarter of Americans have had to pull back on saving for retirement because of persistent inflation, new data shows, potentially derailing their long-term financial goals for years to come. In 2022, almost half of those who trimmed their savings, or 12%, stopped putting money away for retirement altogether, according to an annual study conducted jointly by the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University School of Business and the Teachers Insurance and Annuity Association of America (TIAA) Institute. "Inflation makes everything so expensive that people have to navigate that new environment and have to cut back on several ends," said Andrea Hasler, an assistant research professor in financial literacy at GFLEC. Broken down by race, Hispanic Americans' retirement savings plans took the biggest hit. They were twice as likely to stop saving while grappling with higher pric